Depositing & Withdrawing Funds

A major consideration when choosing a bookmaker is the method by which you plan to deposit and withdraw funds. This page provides practical advice on depositing and withdrawing funds from both Australian and international bookmakers. Various deposit and withdrawal methods are discussed, along with bookmaker turnover requirements that must be met before withdrawals can be made.

A quick survey

When discussing deposit and withdrawal methods, it is first useful to know how popular each option is with leading bookmakers. Below is a survey of popular deposit and withdrawal options available to Australian users. Note that some of these services also support cheques, but the emphasis here is on online transfer methods.

Deposit methods

Australian bookmakers: services that operate with an Australian bookmaker licence.

An overview of each method

The following is a overview of each deposit/withdrawal method. The upsides and downsides of each are provided. This is followed by a discussion of our recommendations.

Credit Card

Introduction: depositing funds by MasterCard or Visa is popular because the funds are made available in your betting account immediately. Many Australian banks place restrictions on withdrawing funds from your betting account back to your credit card, so this is primarily used as a deposit method. Withdrawals are then typically made by bank transfer.

Upsides: credit card deposits are available in your betting account immediately. This is a transaction-free deposit method with most Australian bookmakers.

Downsides: the first drawback is security. You have to trust in the security procedures of the bookmaker you transact with. Many bookmakers store your credit card details on file to facilitate quick top ups, so you have to rely on them to keep your details secure. The second drawback is that many bookmakers require you email or fax them scanned copies of both sides of your credit card. This is to help prevent credit card fraud, but it’s an inconvenience on your end. A third drawback is that when using an international bookmaker your credit card issuer may charge a transaction fee when you deposit funds.

BankTransfer

Introduction: most bookmakers make available their banking details, which enables you to deposit funds via electronic bank transfer. This method is far more convenient for Australian bookmakers than for international services because you don’t have to deal with SWIFT codes, etc.

Upsides: a transaction-free (when using an Australian bookmaker) method to deposit and withdraw funds.

Downsides: there will be a delay of a few days before the deposit becomes available in your betting account. Bank fees usually apply if the bookmaker’s bank account is not in Australia. Bookmaker fees often apply for withdrawals from international bookmakers. This method is subject to data entry errors when you input the bookmaker’s account details.

Introduction: BPAY will be familiar to those who use it to pay utility bills. Like bank transfers, transactions are made through your internet or phone banking service. BPAY is used as a deposit method only. Withdrawals are then typically made by bank transfer. Learn more about BPAY.

Upsides: a transaction-free method for Australians to deposit funds.

Downsides: there will be a delay of a few days before a deposit becomes available in your betting account. This method is subject to data entry errors when you make the transaction.

Introduction: POLi is a brilliant service that enables you to make a bank transfer to your betting account which is acknowledged immediately by the bookmaker. It works by automatically navigating you to your chosen Australian bank where you then log in. The service then automatically navigates you to the funds transfer section of your bank and fills in the bookmaker’s financial details for you. Once you confirm the deposit, the funds are immediately available in your betting account despite the fact that the bookmaker won’t actually receive the deposit for a number of days. Learn more about POLi.

Upsides: enables you to deposit funds into your betting account immediately without the hassles involved with credit card deposits.

Downsides: requires the download of a browser add-on. The service often crashes or freezes if you aren’t using a particular OS/browser combination. We’ve found Internet Explorer to be the most reliable browser for POLi transactions.

Introduction: Skrill (formerly called Moneybookers) is a secure way to pay globally without revealing your financial details. It acts as a digital wallet and is a convenient method to transfer cash online, providing real-time instant payments. Australians can upload funds by credit card, POLi, bank transfer or cheque. Withdrawals can be made by bank transfer or cheque. Skrill is regulated by the Financial Services Authority (FSA) in the UK. Learn more about Skrill.

Upsides: Skrill is an excellent way to deposit funds with bookmakers, and it is arguably the best method when using international bookmakers. It enables you to transact with a bookmaker without sharing any of your credit card or banking details. One highlight is that you don’t have to deposit funds into your Skrill account first before making a deposit with a bookmaker. Skrill will handle the deposit into your Skrill account and transfer to your betting account in one step. Another highlight is the fact that it supports POLi for Australian users. This enables you to use POLi as the effective deposit method even with international bookmakers. Skrill is an equally convenient method to make withdrawals from your betting account. It avoids the hassles of having to send in a scanned copy of your credit card, and it avoids the hefty bank fees involved with international bank transfers. Lastly, all Skrill deposits are made available in your betting account immediately.

Downsides: a small withdrawal fee applies when withdrawing funds from your Skrill account.

Introduction: NETELLER is an e-wallet service that enables you to send and receive money online without sharing your financial details. It is a worldwide service, currently supported by over 180 countries in 18 currencies, including Australian dollars. NETELLER is owned by Optimal Payments PLC, a publicly traded company on the London Stock Exchange. The service was founded in Canada in 1999 and moved to the Isle of Man (a British Crown Dependency) in 2004. Australian customers can upload funds by bank deposit (free), POLi*** (free), Visa & MasterCard (1.75% fee) and UKash (3% fee). Transfers to merchants, other account members and bookmakers are free, while withdrawals by bank transfer cost 7.50 Euros. NETELLER also offers virtual and plastic Net+ Prepaid MasterCards, which are linked to the balance in your NETELLER eWallet account. Learn more about NETELLER.

Upsides: NETELLER is a safe and widely accepted method for depositing funds with international bookmakers. It enables you deposit funds that are acknowledged in your betting account immediately without the hassle of sending in a scanned copy of your credit card for verification purposes. A real highlight is the fact that NETELLER supports POLi for Australian users. This enables you to use POLi as the effective deposit method even with international bookmakers. You can deposit funds into your NETELLER account using POLi and then use those funds to make a bookmaker deposit. Both steps are acknowledged by the recipient immediately, and both steps are transaction fee.

Introduction: PayPal is a global e-commerce service that facilitates payments and money transfers through the Internet. Users of eBay will be familiar with Paypal as a means of sharing funds with other buyers and sellers. Online shoppers will be familiar with Paypal as a means of shopping online. You can deposit funds by credit card or bank deposit, and then use those funds to shop online or transact with another Paypal user. Paypal does not support POLi as a means of depositing funds, however it does acknowledge bank transfers initiated through the Paypal account area immediately. Learn more about Paypal.

Upsides: a convenient way to deposit funds with Australian bookmakers. It enables you to transact with a bookmaker without sharing any of your credit card or banking details. As with Moneybookers you don’t have to have funds in your Paypal account at the time you make a deposit. If you select Paypal as the deposit method you are directed to Paypal where you deposit funds and transfer them to your bookmaker account in one step. Paypal deposits are made available in your betting account immediately.

Downsides: most – if not all – international bookmakers do not offer Paypal as a deposit/withdrawal option to Australian users.

Recommendations

When using an Australian bookmaker we recommend POLi, Skrill (Moneybookers), Neteller or Paypal. Note that if you use POLi as a deposit method then you will have to use bank transfer to withdraw funds.

For safety and convenience reasons, we do not recommend you use a credit card to deposit funds with a bookmaker.

Bookmaker turnover requirements

Most bookmakers require that you turnover your deposited funds before you can make a withdrawal. Turning over funds simply means making wagers with the money you have deposited. You will often see a phrase like “2x at odds of 1.50+” This means that if you deposit $100 you must make $200 worth of wagers and only wagers at decimal odds of 1.50 or more will count towards the turnover requirements.

Generally, bookmakers have more stringent turnover requirements on bonus funds and bonus bets than deposited funds. Bonus funds are treated very much the same as your regular funds, it just means that if you input $100 with a 50% deposit bonus, the bookmaker will credit $150 into your betting account. Australian bookmakers typically prefer to offer bonus bets than bonus funds. Bonus bets are treated separately from your account balance, and only the profit from bonus bets are credited to your account. For example, a typical Australian bookmaker will offer a 100% free bet bonus for new members up to $200. For example if you deposit $100 you will receive a $100 bonus bet to go with your $100 account balance. If you wager the $100 bonus bet at 2.50 odds and the bet wins, you will receive $150 into your regular account balance, however those funds will usually have to be turned over more than the rest of your account balance.

With Australian bookmakers, regular deposits are typically required to be turned over once with no odds restrictions. Bonus funds and funds accrued from winning bonus bets are often required to be turned over twice at odds of 1.50 or more.

Pay close attention to the terms and conditions that accompany deposit bonuses. You will often find a detail that gives the bookmaker the right to forfeit your bonus funds if you haven’t met the turnover requirements within, say, 90 days. Very occasionally the turnover requirements will apply to both your bonus credit and any winnings accrued from the bonus. For example, if you have a $25 bonus bet that you successfully wagered at 2.40 odds (for a $35 profit), then you must turn over 2*($25 + $35) = $120 before you can withdraw your funds.

* No bonus promotions are available to Australians with this bookmaker.
** If the value of a deposit is not played through in full before a withdrawal is requested, the bookmaker reserves the right to make a charge to your account to cover all reasonable costs relating to the deposit and withdrawal.